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Forex pairs in this Article » USD/JPY (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that while we know that USD/JPY took a pounding and that she got stopped out, it was not enough to persuade her that we are done and dusted on the topside and currently the 102.85 recent low is holding.

Key Quotes

“It is however exposed. While above here we remain unable to rule out a re-test of the 105.45/50 zone, however this is not our favoured scenario.”

“This represents recent highs and its long term Fibonacci retracement. We would expect it to hold and provoke another failure.”

“We have become more negative short term because not only has the market reversed from its long term Fibonacci retracement at 105.49, BUT we have a 13 count and also a divergence of the daily and weekly RSI. All 3 factors suggest that the market has topped for now.”
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